Chevron Q4 2025 net income drops 12.5% to $2.84bn

Chevron reported nett income of $2.84bn successful the 4th fourth of 2025 (Q4 2025), ending connected 31 December 2025, a alteration of astir 12.5% compared to the $3.25bn recorded successful Q4 2024.

Diluted net per stock were $1.39 successful Q4 2025, a autumn of astir 24.5% from the $1.84 reported successful Q4 2024.

Adjusted net were $3.02bn for Q4 2025, down by astir 16.8% from $3.63bn successful past year's corresponding quarter.

Similarly, adjusted diluted net per stock stood astatine $1.52 successful Q4 2025, compared to $2.06 successful Q4 2024, a alteration of astir 26.2%.

The company’s gross for the 4th was $46.87bn, down 10.2% from $52.2bn successful the aforesaid play of the erstwhile year.

Cash travel from operations roseate to $10.8bn successful the reported quarter, from $8.7bn successful the aforesaid 4th of the erstwhile year, an summation of astir 24.1%.

Chevron earned $3.03bn successful Q4 2025 done its upstream segment, which is astir 29.5% little than the $4.3bn achieved successful Q4 2024.

For the downstream segment, determination was a important turnaround successful Q4 2025 with net of $823m, compared to a nonaccomplishment of $248m successful Q4 2024.

The 'All Other' class reported a nonaccomplishment of $1.08bn successful Q4 2025, compared to a nonaccomplishment of $817m successful Q4 2024.

Excluding moving superior adjustments, currency travel from operations accrued to $9.1bn successful Q4 2025 from $5.3bn successful Q4 2024, an summation of astir 71.7%.

Chevron's 2025 net decreased from the erstwhile twelvemonth owed to little crude lipid prices, reduced affiliate net and unfavourable overseas speech rates, though accrued refined merchandise margins and higher income volumes partially mitigated these impacts.

The company's nett income for the afloat twelvemonth 2025 was $12.48bn, down by astir 29.7% from $17.75bn successful 2024.

Chevron's full gross for the afloat twelvemonth 2025 was $189.03bn, a alteration of astir 6.8% from $202.79bn successful 2024.

The institution achieved grounds oil-equivalent accumulation levels globally and successful the US, aided by the Hess acquisition, which added 261,000 barrels of lipid equivalent per time (boepd), alongside 124,000boepd from Chevron's bequest operations.

Year-end proved reserves stood astatine astir 10.6 cardinal barrels of nett lipid equivalent, with important additions from Hess and caller projects successful the Permian Basin, Australia and Guyana, resulting successful a reserve replacement ratio of 158%.

Capital expenditure roseate owed to investments successful bequest Hess assets and US information centre powerfulness solutions, contempt reduced downstream spending.

Through the completion of the Hess acquisition, Chevron achieved a $1bn synergy target. The institution besides commenced accumulation astatine cardinal projects successful Kazakhstan and the Gulf of Mexico during Q4.